HAIFA, Israel, September 10 /PRNewswire/ --     Oil Refineries Ltd. (TASE: ORL.TA) (the "Company"), Israel's
largest oil refiner, has announced the convening of an Extraordinary General
Meeting.

Notice is hereby given that, on September 23, 2007, at 9:30
a.m., an Extraordinary General Meeting ("EGM") of the Company's Shareholders
shall convene at the Company's offices at 7 Abba Hillel Street, Ramat Gan,
Israel, for the purpose of approving the following resolution:

On the Agenda:

1. Dividend distribution

2. Retirement grant for the outgoing Chairman of the Board,
Mr. Ohad Marani

3. Salary and employment terms of the incoming Chairman of the
Board, Mr. Yossi Rosen

4. Nomination of the Company's Auditors

For additional information relating to the subjects on the
agenda, including the wording of the resolutions on the agenda, please view
the Immediate Report published in Hebrew available on the internet websites
of the Israel Securities Authority (http://www.magna.isa.gov.il) or the Tel
Aviv Stock Exchange ("TASE") (maya.tase.co.il). An English convenience
translation of the Immediate Report is available on the Company's website
(http://www.orl.co.il under Investor Relations, Company Releases).

The majority required for the approval of the resolutions on
the agenda is a regular majority of the shareholders eligible to participate
in the vote, present at the meeting in person or through representatives on
their part.

The General Meeting should not commence unless a Quorum is
present. A Quorum will be comprised of two shareholders, holding or
representing at least 25% (twenty five percent) of the Company's shares, that
are present either in person or by a representative on their behalf, or have
sent the Company their Proxy Statement indicating their vote. If a Quorum is
not present within 30 minutes from the scheduled time of the meeting, the
meeting will be postponed to September 30, 2007 at 9:30 a.m. at the same
place. If, at the postponed meeting, no quorum will be present after half an
hour from the time set for the postponed meeting, the meeting will take place
regardless the number of participants.

The Date of Record, for the purpose of determining the Company
shareholder's right to vote at the General Meeting, as mentioned in Section
182 of the Companies Law, is at the end of trading on September 11, 2007.

A shareholder whose shares are registered with a member of the
TASE may receive a certificate of ownership from the Member of the Stock
Exchange, through whom he holds his shares at the Member of the Stock
Exchange's branch, or by post to his address, in consideration for postage
costs only, if so requested. Such request is to be given in advance to a
specific securities account. The confirmation of ownership should be handed
in to the Company's offices within 4 days prior to the date of convening the
meeting. Power of attorneys to participate in vote in the meeting should be
deposited at least 48 hours prior to the time of the meeting at the Company's
offices in the Haifa Bay.

It is possible to review documents relating to this report at
the Company's offices, in the Haifa bay, during normal working hours, and
after prior phone arrangement at +972-(0)4-878-8134.

In addition, the Company also issued to the TASE, and the
Israel Securities Authority, a separate Immediate Report relating to a
significant private placement to approve the allocation of options for Mr.
Yossi Rosen and for the Company's CEO. An English convenience translation of
this Immediate Report, which includes additional details relating to the
conditions of the said stock options, is available at the Company's website
(http://www.orl.co.il) under Investor Relations, Company Releases.

Oil Refineries Ltd.

About Oil Refineries Ltd.

Oil Refineries Ltd. (ORL), located in the bay area of the city
of Haifa, is Israel's largest oil refinery. ORL operates sophisticated and
state-of-the-art industrial facilities with refining capacity of 9 million
tons of crude oil per year, with a Nelson complexity index of 7.4, providing
a variety of quality products used in industrial operation, transportation,
private consumption, agriculture and infrastructure. The Company is also
active in the area of Aromatics and Polymers through wholly-owned Gadiv
Petrochemical Industries Ltd. and 50% owned Carmel Olefins Ltd. ORL is traded
on the Tel Aviv Stock Exchange under the ticker ORL. For additional
information please visit the Company's website: http://www.orl.co.il

Contacts
    Company Contact: 
    Jacob Hirsch 
    CFO, Oil Refineries 
    Tel.: +972-4-878-8115 
    jhirsh@orl.co.il

    Investor Relations Contact: 
    Ehud Helft \ Fiona Darmon 
    GK Investor Relations 
    Tel.: +1-646-797-2868 \ +972-54-566-3221
    info@gkir.com